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Hedging Trickier As Asian Currencies Hurt

SINGAPORE — Fund managers are reducing their positions in Asian currencies as political turmoil in Greece shakes global confidence and makes hedging trickier.

After several Asian currencies logged substantial gains against the dollar early this year, the region's foreign-exchange markets have been battered this month, along with other assets perceived as risky. Leading the way down, the Indian rupee has fallen 3.6% this month and the South Korean won 3.5%.